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John Byczkowski, FHLB Cincinnati
FOR IMMEDIATE RELEASE
513.852.7085 (office) or 513.382.7615 (cell)
July 29, 2019
For the second quarter, net income was $64 million and return on average equity (ROE) was 5.09 percent. This compares to net income of $85 million and ROE of 6.15 percent for the same period of 2018. For the first six months of 2019, net income was $137 million and ROE was 5.34 percent, compared to net income of $168 million and ROE of 6.19 percent for the same period of 2018.
Net interest income was lower in both comparison periods primarily due to a decrease in Advance balances and lower spreads earned on Advances. Additionally, non-interest income (loss) was lower in the year-to-date comparison due to decreases in the fair values of certain derivatives and other financial instruments carried at fair value.
The FHLB paid its stockholders a cash dividend on June 20, 2019 at a 5.50 percent annualized rate, which is 2.99 percentage points above the second quarter average 3-month LIBOR.
The FHLB's net income for the first six months of 2019 resulted in an accrual of $16 million to the Affordable Housing Program (AHP) pool of funds available to members. These funds assist members in serving very low-, low-, and moderate-income households and community economic development.
In addition to the required AHP assessment, the FHLB awarded nearly $2.3 million in the first six months of 2019 through its two voluntary housing programs. These programs provide grants to cover accessibility rehabilitation and emergency repairs for special needs and elderly homeowners, and for the replacement or repair of homes damaged or destroyed by natural disasters within the Fifth District.
The following information was filed by Federal Home Loan Bank Of Cincinnati on Monday, July 29, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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